US financial markets are losing their competitive edge and this poses a risk to economic growth. Since late last year, private and public sector leaders have urged that we address this challenge with concrete, concerted action.

The time to do so is at hand, with Hank Paulson, Treasury secretary, and the US Chamber of Commerce holding meetings in Washington this week. The problem is well documented and the Securities and Exchange Commission and the Public Company Accounting Oversight Board have already taken important steps; what we now need is to complete the process, with the vision to strike the right balance on policy decisions and the bipartisan political will to put that vision into practice.